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TMI Blog2013 (9) TMI 987X X X X Extracts X X X X X X X X Extracts X X X X ..... present appeal where a reference was made under section 55A to the Departmental Valuation Officer. There is a difference between the dispute on the value of stamp valuation authorities and the value of the Departmental Valuation Officer. Thus, the Departmental Valuation Officer's value is outside the scope of section 155(15) of the Act. Therefore, the provisions of section 155(15) were wrongly invoked by the Assessing Officer for giving effect to the findings of the report by the Valuation Officer. - Decided against Revenue. - I.T.A. No.1091/M/2012 - - - Dated:- 20-9-2013 - SHRI VIJAY PAL RAO AND SHRI D. KARUNAKARA RAO, JJ. For the Appellant : Shri Dipak Rai Pote, DR For the Respondent : Shri G.P. Mehta ORDER D. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e that the assessee derives income from commission and brokerage from real estate transactions. The assessee filed the return declaring the total income of ₹ 24,53,750. The assessment was completed under section 143(3) determining the total income of the assessee at ₹ 35,69,588. The increase in assessed income is mainly on account of capital gains computed applying the provisions of section 50C of the Act and adopted fair market value figures as per the stamp valuation authorities (SVA) of the State Government. The assessment was completed on December 26, 2008 before the Departmental Valuation Officer report is received. During the assessment proceedings, the assessee made a request for making a referral to the Departmental Valu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Departmental representative relied on the orders of the Assessing Officer. 7. On the other hand, Shri G. P. Mehta, learned counsel for the assessee relied on the order of the Commissioner of Income-tax (Appeals). 8. We have heard both parties and perused the orders of the Revenue authorities in general and paragraph 5 of the Commissioner of Income-tax (Appeals)'s order in particular. In this regard, we have also perused the provisions of section 155(15) of the Act, which read as under : 155(15).-Where in the assessment for any year, a capital gain arising from the transfer of a capital asset, being land or building or both, is computed by taking the full value of the consideration received or accruing as a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Act refers to the values adopted or assessed by the stamp valuation authorities, which have not been disputed in any appeal or revision or no reference has been made before any authority, court or the High Court. The said provision does not cover a situation of the present appeal where a reference was made under section 55A to the Departmental Valuation Officer. There is a difference between the dispute on the value of stamp valuation authorities and the value of the Departmental Valuation Officer. Thus, the Departmental Valuation Officer's value is outside the scope of section 155(15) of the Act. Therefore, the provisions of section 155(15) were wrongly invoked by the Assessing Officer for giving effect to the findings of the report ..... X X X X Extracts X X X X X X X X Extracts X X X X
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